Lower Open As Income Falls

Income fell in August to weigh the markets down to a lower open with the Dow tumbling 95 points to 11,058.  Nasdaq dropped 26 points to 2454.

On the upside

Harbin Electric (Nasdaq: HRBN) announced a shareholder meeting on October 29, 2011 to vote on the proposed $24 per share acquisition offer from Tech Full Electric.

MicroStockProfit.com issued a research report on Popular (Nasdaq: BPOP). 

The Department of Justice approved Level 3 Communications’ (Nasdaq: LVLT) acquisition of Global Crossing (Nasdaq: GLBC).

On the downside

Ingersoll Rand (NYSE: IR) blamed weak demand for lowering its earnings outlook for the third quarter and the full year.

Micron Technology (Nasdaq: MU) disappointed by swinging to a fourth quarter loss prompting a downgrade.

Concerns that China’s economic growth will slow weighed down shares of Macau casino operators Las Vegas Sands (NYSE: LVS) and Wynn Resorts (Nasdaq: WYNN). 

In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 656.

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